Training Program
Legal Foundations for Local Currency Bond Markets (LFLCBM)
As part of the broader IMF's endeavor to build capacity regarding Local Currency Bond Markets, the course seeks to provide focused "counsel-to-counsel" legal training on the core legal fields. Specifically, the course addresses the legal foundations of (i) the modalities of sovereign borrowing within the framework of public financial management, (ii) the primary and secondary markets of sovereign bonds and bills, including the interinstitutional allocation of responsibilities and key transactions (repo, collateral, securities lending), (iii) the post-trading infrastructure supporting those markets, and (iv) taxation of sovereign debt instruments and related transactions (e.g., repurchase agreements). The course follows a modular design: while some sessions are addressed to the entire group of participants, other sessions are specifically targeting, respectively, MoF-DMO counsels, central bank counsels, and tax counsels.
Target Audience
Mid- to senior-level government lawyers from invited countries-serving as legal counsel in the Ministry of Finance, Debt Management Office, central bank, and tax authority-with direct responsibility for the legal framework governing sovereign borrowing, government securities markets, related financial transactions, or their taxation, and sufficient institutional experience to engage in peer-level, technical legal discussions.
Qualifications
Officials from emerging markets and institutionally strong developing countries that have some degree of market development and sufficient capacity to meaningfully engage on the subject matter.
